Net business wins (including pass-through) in the quarter of
$885 million; a book to bill of 1.31.
Closing backlog (including pass-through) of
$7.9 billion, a year on year increase of 10.5%.
Quarter 1 reported revenue of
$675 million. This represents a year on year increase of 8.8% or 11.1% on a constant currency basis.
Reported income from operations was
$102 million, or 15.1% of revenue. This represents an increase of 11.1% over Q1 2018.
Reported earnings per share of
$1.63, an increase of 14.8% over Q1 2018.
Revenue guidance increased from a range of
$2,735 - $2,835 millionto a range of $2,760 - $2,840 million. Earnings per share guidance increased from a range of $6.69 - $6.89to a range of $6.75 - $6.95.
Strong cash generated from operating activities totalling
$95 millionin the quarter. This represents an increase of $54 millionon Q1 2018.
First Quarter 2019 Results
Gross business wins (including pass-through) in the first quarter were
Reported revenue for quarter 1 was
Reported income from operations in the quarter was
Reported net income for the quarter was
Reported earnings per share on a diluted basis was
On a comparative basis, non-GAAP days sales outstanding were 59 days at
Cash generated from operating activities for the quarter was
The new leasing standard (ASU No. 2016-02) ‘Leases’ was effective for
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this press release contains certain non-GAAP financial measures. While non-GAAP financial measures are not superior to or a substitute for the comparable GAAP measures, ICON believes certain non-GAAP information is useful to investors for historical comparison purposes.
ICON will hold its first quarter conference call tomorrow,
This press release contains forward-looking statements. These statements
are based on management's current expectations and information currently
available, including current economic and industry conditions. These
statements are not guarantees of future performance or actual results,
and actual results, developments and business decisions may differ from
those stated in this press release. The forward-looking statements are
subject to future events, risks, uncertainties and other factors that
could cause actual results to differ materially from those projected in
the statements, including, but not limited to, the ability to enter into
new contracts, maintain client relationships, manage the opening of new
offices and offering of new services, the integration of new business
mergers and acquisitions, as well as economic and global market
conditions and other risks and uncertainties detailed from time to time
Condensed Consolidated Statements of Operations
Three Months ended March 31, 2019 and March 31, 2018
(Dollars, in thousands, except share and per share data)
|Three Months Ended|
|Costs and expenses:|
|Selling, general and administrative expense||(81,912)||(80,915)|
|Depreciation and amortization||(15,497)||(16,898)|
|Total costs and expenses||(572,906)||(528,405)|
|Income from operations||101,946||91,720|
|Net interest expense||(1,609)||(2,972)|
|Income before provision for income taxes||100,337||88,748|
|Provision for income taxes||(12,040)||(10,650)|
|Net income per Ordinary Share:|
|Weighted average number of Ordinary Shares outstanding:|
Summary Balance Sheet Data
March 31, 2019 and December 31, 2018
(Dollars, in thousands)
|March 31,||December 31,|
|Cash and short-term investments||477,937||455,761|
|Net Accounts Receivable||537,626||503,249|
ICON plc Contact:
Investor Relations +1 888 381 7923 or
Brendan Brennan, Chief Financial Officer +353 1 291 2000
Jonathan Curtain, Vice President Corporate Finance & Investor Relations +353 1 291 2000